Assignment of an Insurance Policy for a Loan (India)
This document allows a borrower to transfer their interest in an insurance policy to a lender as security for a loan. It ensures that if the loan is not repaid, the lender can claim the policy's proceeds, while the policy returns to the borrower once the debt is cleared.
ASSIGNMENT OF INSURANCE POLICY FOR LOAN
KNOW ALL MEN BY THESE PRESENTS that I, AA., aged about_________ years,
Son of ___________________________,
Resident of ________________________,
in consideration of value received do hereby assign and transfer and set over unto DE., aged about _________ years,
Son of ___________________________,
Resident of _______________________,
all my rights, title and interest including the right to exercise any and all options, rights and privileges in and to the Policy bearing No. ____________________________, issued to me by _________________ and all moneys payable thereunder. The said policy is hereby delivered to the said DE. and I do hereby further undertake to have this transfer and assignment registered with the said ______________ immediately hereinafter.
This assignment is made for securing the due repayment of my loan on the basis of the pronote executed by me on ________________, in favour of the said DE. and on which said loan the sum of Rs ________________inclusive of all interest at the stipulated rate of _________ per cent per annum is due to the said DE. and for the repayment of all further interest as may accrue and remain unpaid.
If I default in the payment of the said loan or any portion thereof and any sum remains due after the period of _________ years from date then this assignment shall stand and be enforceable, otherwise it shall be void and the said DE. shall on the repayment of the loan return the said policy to me according to my directions in this behalf.
IN WITNESS whereof, I, the said AA., have hereunto signed at ______ this the______ day of ________ in the year 20_________
Witness:
Assignor.
I, DE., the above-named assignee accept the above assignment on the terms and conditions embodied herein.
Witness:
Assignee.
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